One of the fastest growing sectors last year was gold stocks. These gold related mining stocks saw momentum like never before. At one point gold prices surpassed $2,000 per ounce. One primary thing that has been impacting these gold stocks is news. You’ve probably seen how news can affect gold stocks already. For example, news about pandemic cases rising caused more investors to turn to the yellow metal during dark economic times.
News is important as it is one of the main sources for the direction in which gold could be moving. Company advancement news is also very important to look at before investing in a gold stock. There could be an asset you are interested in, but the company recently posted results that are not favorable to you. This includes financial updates, which are important right now as we are at the tail end of the earnings season.
Another factor that impacts gold stocks would be jobless reports. This is when the United States Labor Department posts the number of unemployment claims in a given week or set of weeks. Recently these reports have shown that unemployment is still very high in the United States, despite sometimes going down a little bit. Covid cases in the United States are falling at the moment, which could hurt the price of gold stocks. But infection numbers are still high enough that recovery isn’t likely to happen immediately at the moment. It will also take lots of time for the economy to recover. Some think it’s too late to invest in gold stocks at the moment. But there is actually plenty of gold stocks to watch in the market. Let’s take a look at four gold stocks to watch.Top Gold Stocks To Watch
- Barrick Gold Corporation (NYSE: GOLD)
- New Gold Inc. (NYSE: NGD)
- Tanzanian Gold Corporation (NYSE: TRX)
- Vista Gold Corp. (NYSE: VGZ)
The first gold stock to watch is Barrick Gold Corporation. Barrick is a mining company will explore and develop a portfolio of mines. This is where Barrick produces gold. Barrick’s processes take place in the United States, Canada, and many other places. You may be wondering what is affecting GOLD stock price as 2021 has begun. So let’s dive right into its 2021 performance so far. On February 18th, Barrick released its annual reserve and resource estimates as well as its fourth quarter and year end results for 2020.
Its revenue in these reports also beat estimates. Barrick achieved its 2020 guidance, kept operating consistent, reached record annual free cash flow and much more. As for the future, the President and Chief Executive Officer of Barrick, Mark Bristow stated, ”We have a detailed road map towards clearly defined emission reduction targets, based on climate science and operational realities. Unlike others, our plan does not rely on mine closures and production cutbacks. Our ultimate aim is net zero emissions with landmarked targets towards this goal, which are constantly reviewed and updated as new emissions-reduction opportunities are identified and realized.” That is the latest from the corporation.New Gold Inc.
Now let’s talk about New Gold Inc. which has been increasing in stock price. New Gold is a mining corporation that explores for gold, silver, and copper deposits at locations in both Canada and Mexico. The company operates the New Afton mine in Canada, the Rainy River mine in Canada, and the Cerro San Pedro mine in Mexico. It also has 100% interest in the Blackwater project in Canada. Now let’s take a look at its recent advancements.
New Gold released its latest update on February 18th, 2021. It announced its fourth quarter and annual results. The company’s CEO and President Renaud Adams said, “During the year we made significant progress in transforming the Rainy River Mine, and the asset is now entering a phase of strong high-margin production growth and free cash flow generation along with the potential to further extend the life of the underground mine.” It will be interesting to see how this company performs in the future.Tanzanian Gold Corporation
The next gold stock to watch is Tanzanian Gold Corporation. Tanzanian Gold will explore and develop mineral properties in the United Republic of Tanzania. Its primary objective is to explore for gold deposits. It has interest in the Buckreef gold project, Kigosi project, and the Itetemia gold project. Now let’s have a look at what this gold company has been up to lately.
On February 25th, the company released its latest update. This update was that the Buckreef Gold Project has produced positive results in its Metallurgical test work. The CEO of the company Stephen Mullowney said, “the initial metallurgical results from a reputable and prestigious organization (SGS Lakefield) have indicated that a well-known and simple flowsheet for our large high-grade deposit and plant is most likely. The initial recoveries are excellent, and I look forward with confidence to the results of the variability testing.” It will be interesting to see how TRX stock performs in the future.Vista Gold Corp.
The final company on this list of gold stocks to watch is Vista Gold Corp. Vista is a mining corporation that engages in a variety of activities. The company will evaluate, acquire, explore, and advance various gold exploration and development projects. The largest amount of its assets are located in Australia. Its main project is the Mt Todd gold project owned 100% by the company. So let’s see how this company has performed in 2021 so far.
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Vista Gold announced on January 14th its 2020 achievements and 2021 outlook. The company stated, “We are pleased to have achieved many of our 2020 corporate objectives in spite of the challenges presented by the COVID-19 pandemic.” That is the latest that has come from the company. It expects to perform even better in 2021, now we will see if that is true.